June 21, 2016
In the event of loss, theft, or damage, it is important to be prepared. Whether you've spent years building your collection or just starting out, insurance appraisals are handy for when the unthinkable happens.
Determining a value is important, even if the jewelry is sentimental and you don't care what it is actually worth. It is good to know if any other insurance policies you may have cover appraised value of your jewelry. The value of your jewelry can also affect your premium. Value can fluctuate and your policies should change accordingly. Old appraisals can sometimes work in your favor, but it is important to have your jewelry appraisal updated every 2-3 years.
Although your agent may trust you when it comes to the value of your items, insurance underwriters want it in writing and most prefer documentation from a certified source. Filing a claim doesn't mean that the insurance company is going to immediately fork over a check either. They want to see the "receipts" so to speak: a police report and/or a how and why. A certified appraisal attests to the valuation, quality, design, and condition of your jewelry in the event of any loss, theft, or damage.
Cost and value are not the same. You may have paid a certain amount at the time of purchase, but market value fluctuates, therefore influencing your claim.
The general rule of thumb is that anything worth more than $500 should be appraised. If you are unsure, schedule an appointment to bring your items into Spectrum Fine Jewelry and we can help you identify which jewelry items may need further documentation. It is also very important to contact your insurance company and determine what documentation is preferred , as well as what your policy may cover.
You can read more about the importance of jewelry insurance.
July 27, 2016
Hi, guys! Question about this outstanding idea~ how long do we have when it is our time to work with someone, and how do you suggest selecting what you are sure is of great value, over $500-, and including pieces you are not sure about, like given, inherited, you get it. Thanks! p.s. oops that was two for one question
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May 15, 2017
April 29, 2017
They summon us to eat, work, wake, pray and even gather; bells provide the music to the soundtrack known as life.
Back in February, when we went to Tucson, we discovered The Bell Collection. We were enamored by the display of dainty bells hanging from above, calling us to take a closer look at each one.
April 14, 2017
According to GIA, in 2015, Christie’s and Sotheby’s had reported an estimated $1.2 billion in gemstone and jewelry sales, in addition to the $70-$80 million by Bonham’s of London and Tiancheng in Hong Kong.
Gemstones and fine jewelry continue to set records at large auction houses by collectors all over the world. Gemstone collecting continues to grow in popularity and if you’ve wanted to start your own collection, but are unsure where to start, we’ve got a few tips on how to define a collection.